Brunnur Ventures Launches US$65M Second Fund
Summary
Brunnur Ventures GP, a Reykjavik, Iceland-based venture capital firm, has launched Brunnur II, its second venture fund of US$65m. The new fund’s Limited Partners include ten of Iceland’s leading pension funds and Landsbanki. Led by Arni Blondal, Managing Partner, Brunnur II is a lead investor targeting seed and early-stage investments in Iceland with a focus on startups with “extraordinary entrepreneurial talent, innovative, high-growth and scalable business models.” The fund’s sector focus is primarily within software/IT, gaming, Industry 4.0, biotech, cleantech, marine tech, agrifoodtech and other high technology sectors that have a competitive edge through patentable technology or proprietary know-how. Brunnur II intends to invest in a portfolio of up to 20 companies with initial investments ranging from US$ 1-3 million, with capital pre-allocated for follow on investments. The firm’s debut fund, Brunnur I, a 2015 vintage, has invested in a range of companies that include Oculis, DT Equipment, Grid, Laki Power, Nanitor, IMS and Avo Software.